# In the matter of Ojas Tradelease and Mall Management Private Limited

> NCLT judgment dated 2026-03-17. Citation: TCN-2026-NCLT-00351. Aegis Resolution Services Private Limited, the Resolution Professional (RP) of Ojas Tradelease…

- **Court:** NCLT
- **Order date:** 17 Mar 2026
- **Citation:** TCN-2026-NCLT-00351
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/ojas-tradelease-and-mall-management-private-limited-ab7c07e0

## Summary

### Background

Aegis Resolution Services Private Limited, the Resolution Professional (RP) of Ojas Tradelease and Mall Management Private Limited (Corporate Debtor), filed an application (IA 5114/2025) under Section 66 of the Insolvency and Bankruptcy Code, 2016, seeking to declare a lease deed between the Corporate Debtor and Praxis Home Retail Limited (Respondent No. 1) as fraudulent and detrimental to the interests of the Corporate Debtor and its creditors.

## Facts

A lease deed was executed on March 23, 2022, between Ojas Tradelease and Mall Management Private Limited (Corporate Debtor) and Praxis Home Retail Limited (Respondent No. 1) for an area of 44,500 sq. ft. in The Acropolis Mall, Ahmedabad, for a period of 21 years.

The monthly rent agreed upon was INR 2,00,000 or 4% of the monthly net sales, whichever is higher.

The Corporate Insolvency Resolution Process (CIRP) of Ojas Tradelease and Mall Management Private Limited was initiated on June 22, 2022, based on an application filed by Central Bank of India.

Avil Menezes was appointed as the Interim Resolution Professional (IRP) and later confirmed as Resolution Professional (RP).

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## Issues and analysis

### Issue 1: Whether the application filed by the Resolution Professional under Section 66 of the Insolvency and …

**Ratio:** Regulation 35A of the CIRP Regulations imposes a duty on the Resolution Professional to

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**Reasoning:** The Tribunal relied on the case of Aditya Kumar Tibrewal (RP) v. Om Prakash Pandey and

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**Interpretation:** The timeline prescribed in Regulation 35A of the CIRP Regulations is directory

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**Application:** The Tribunal held that the application was maintainable despite being filed

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## Parties

- **Judges:** Prabhat…; Sushil Mahadeorao…
- **Appellants:** Aegis Resolution…; Central Bank of…
- **Respondents:** Ojas Tradelease…; Praxis Home…
- **Other parties:** Avil Me…
- **Advocates:** Rohit G…; Dhrupad V…; +9 more

## Timeline

- **2022-03-23 — Lease Deed Ex…**: The Corporate Debtor executed a Lease…
- **2022-06-22 — CIRP Init…**: Corporate Insolvency Resolution Process (‘CIRP') of Ojas Tradelease and Mall Management…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 66 — Fraudulent trading or wrongful trading](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-66)

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